Assurant (AIZ) has reported 34.75 percent plunge in profit for the quarter ended Mar. 31, 2017. The company has earned $143.80 million, or $2.53 a share in the quarter, compared with $220.40 million, or $3.34 a share for the same period last year.
Revenue during the quarter dropped 27.75 percent to $1,551.50 million from $2,147.50 million in the previous year period. Net premium earned for the quarter declined 25.78 percent or $364.90 million to $1,050.30 million.
Benefits, losses and expenses for the quarter were at $1,336.40 million, or 127.24 percent of premium earned from $1,809.90 million or 127.89 percent of premium earned in the last year period. Operating income for the quarter was $215.10 million, compared with $337.60 million in the previous year period.
Net investment income was at $120.60 million for the quarter, down 11.13 percent or $15.10 million from year-ago period. Meanwhile, income from fees and commission for the quarter declined 4.89 percent or $17.50 million to $340.20 million. The company has recorded a gain on investments of $3.40 million in the quarter compared with a gain of $161.70 million for the previous year period.
"We delivered solid first quarter results due mainly to better underlying profitability in extended services contracts and certain one-time items," said Assurant president and chief executive officer Alan Colberg.
Assets, liabilities fallTotal assets decreased 2.38 percent or $719.49 million to $29,567.70 million on Mar. 31, 2017. On the other hand, total liabilities were at $25,408.90 million as on Mar. 31, 2017, down 1.22 percent or $313.65 million from year-ago. Return on assets stood at 0.53 percent in the quarter, down 0.25 from 0.78 percent in the last year period. At the same time, return on equity was at 3.46 percent in the quarter, down 1.37 from 4.83 percent in the last year period.
Meanwhile, reinsurance recoverables moved up 2.06 percent or $178.98 million over the year to $8,868.80 million on Mar. 31, 2017.
Total debt was at $1,067.30 million as on Mar. 31, 2017, down 24.56 percent or $347.40 million from year-ago. Shareholders equity stood at $4,158.80 million as on Mar. 31, 2017, down 8.89 percent or $405.85 million from year-ago. As a result, debt to equity ratio went down 5 basis points to 0.26 percent in the quarter from 0.31 percent in the last year period.
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